DNA Textile Group is to exit the denim business in the New Year as “sagging demand” and “low selling prices” take their toll on the company.
In a statement yesterday (28 November), the firm said it will cease denim operations by the end of January 2018 and will work closely with state and local agencies to assist those affected in finding new employment.
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“We regret having to make the decision to cease denim operations and are profoundly grateful to our denim team members who have invested their incredible talents and loyalty to DNA over these past 15 years,” the company said.
Moving forward, the firm will focus on its technical fabrics and custom finishing divisions, which it says have been “steadily growing and have a bright future”.
“Despite our smaller footprint going forward, we will continue to invest more resources, talent and energy towards growing these businesses,” it adds. “We have professional teams and terrific manufacturing capabilities in place and we’re excited about our significant growth potential.”
DNA says it will honour all existing and open denim orders as of 28 November and states it DNA Denim suppliers will be paid in full, with the company continuing on as DNA Technical Fabrics.
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By GlobalDataMeanwhile, it will continue producing FR Denim and other speciality performance denims within its technical fabric division.
